Clean fuel energy company Nexgen Energia announced its expansion plan to enter the Ethanol segment and set up plants across the country.
The company plans to invest around Rs. 300cr into its upcoming projects in the coming fiscal year, a statement said.
The Government of India has already made strategic interventions by expanding the ethanol blending program, enabling the conversion of feedstock to ethanol, and developing policies, and favorable financial mechanisms. The government has advanced its plan to bring 20% ethanol mixed fuel into the market from 2030 to 2025, according to the statement.
Dr. Piyush Dwivedi, Chairman of Nexgen Energia Ltd. Said, “We are on a mission to expand the operation of ethanol plants to boost the production in India which will help to protect the economic interest of farmers, reduce carbon emission, India’s oil import bill, thereby saving foreign exchange and increasing energy security. Our goal is aligned with the government’s vision of Atmanirbhar Bharat, and we look forward to building a sustainable future for our next generation.”
Image Credit: ETAuto
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